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15 Spots have been taken and there are only 3 spots left...
All of us are "business owners" in one way or another... Either by profession (lawyer, doctor, agent, investor, etc.), selling a product (retail store owner, MLM product, widget x), service (DJ, event coordinator, hair stylist, etc.). Much like yourselves, when I started "business" as an attorney after leaving a big firm, I hung out a shingle and expected to "market" for clients based on referrals, "shot gun" advertising, networking, handing out cards, radio ads, etc.... the traditional mainstream stuff...
I was lucky enough that I developed a "niche" of clients in a specific area and grew my practice without even having a systemic marketing plan or sales process... What I didn't realize was that the most critical part of my "business", even as a lawyer, was sales!... I didn't fully come to appreciate that until I started my real estate company and learned that marketing, sales processes, lead generation, lead conversion, service delivery, client experience and client retention (i.e., the sales process) is the most important part of any business, profession or weekend hustle! Master the sales system and you have a business... if not, you have a job (at best your self employed)...
Many of us are still there... the "solo-preneurs" that answer the phone, take the orders, do the books, send out letters, meet the clients, fix all the problems, and the list goes on... no marketing plan, no understanding of what your ideal client looks like, how to communicate directly to them and trigger responses to your "offer" of services, etc..., or even worse, no way of measuring what works and what's wasted in terms of cash flows going out to market....
If you look at the biggest law firms (and many of us came from that experience) they have an entire dept dedicated to marketing, client development, and retention... the most successful lawyers aren't the ones that are the smartest... they are the ones that are the "rainmakers"... the marketers... bringing in the most clients and doling out the work to the legal-genius-book worms...
I don't want to beat a dead horse, but as you can see, I'm passionate about business, serious about goals and committed to sharing and helping others who have the same dreams of financial independence...
So here's some suggestions that I think will have instant benefit to you in your businesses:
1. Identify Your Vision - Know exactly where you want your company to be this time next year, 5 years, 10 years... Have a short, mid and long term vision.
2. Develop a Plan / Road Map to get there based on the blueprints that were used by others who are already there. - Success is repeatable and there is always someone who is exactly where you want to be. Don't waste time re-inventing the wheel, follow what has worked for others, be a student of success.
3. Systematize your business, strategy and road map - "One Man or Woman Can Never Do Everything or Be Everyone on the Organizational Chart"... You'll never do any "one thing" good enough to reach success or accomplish anything significant enough to reach your goals... (outsource on the cheap, barter, joint venture, take on partners, etc., but get others to help you implement your plan and benefit from doing so...)
4. Surround yourself with like minded people that are striving for growth (on the inside as well as outside) - You will need reinforcement to keep you focused, on track, in faith and confident that you will accomplish your goals... the best way to do this is to offer this support to others just like you...
5. You must deliver a valuable product or service to the sector of the market that you have carefully identified as having the most desire for what you are offering. You have to know your "targeted client" better than they do... know their needs, wants, desires, problems and how to give them the opportunity to raise their hand and ask for your solution or service. You have to sell. You have to make offers... and you have to systemically generate new leads, convert them to clients and deliver before, during and after the sale...
The Master Mind Group facilitates all of the above and so much more... For those that didn't get the 1st Invitation or 2nd Follow-Up email, I've attached them below... My deepest apology to those that were initially left off the prior email... (a lot of you got wind of the group and thought you were intentionally left off the list. This was not intentional at all...) Some folks responded that they'd love to participate, but simply can't stretch their budget... Which is totally understandable... So, for the last 3 remaining spots, I will allow 2 of the remaining 3 participants to join the group and defer the first payment for 30 days (enabling you to see the value of how this will change the way you do business, increase profits and productivity). Simply mention that you'd like to take advantage of this if you reserve one of the remaining 3 spots.
As a motivator and source of inspiration and insight into marketing, strategy and successful entrepreneurship... I want you to watch this video by Stephen Pierce... He's a self made multi-millionaire that is known as the "Guru to Gurus"... the video is about an hour long, and was recorded during a training seminar that folks paid thousands to attend...
Click Here to Watch, Learn and Take Action!...
Finally, I want to wish everyone a very Happy Holiday and Wonderful New Year!...
To Your Success,
RJ
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Hey Folks,
Seems like my little idea was timely since apparently a lot of you have goals to hit in 2010 and are ready to dive right in... I've had a lot of questions about visacre.com so I put together 2 quick 5 minute videos to give you an inside look and demo how I use it to manage all my projects...
Click the links below for each individual video....
Visacre Demo #1 <a href="http://www.screencast.com/t/ZjYyNTdh">visacre 1</a> Visacre.com Demo #2 <a href="http://www.screencast.com/t/N2FkYmE0">visacre2</a>
Looking forward to "Masterminding" and reaching new limits with you all...
RJ
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Hey Folks! Simply put, this opportunity is limited to a handful of individuals who immediately grasp the importance this concept can have for their business... This is definitely not for everyone... So... If you are happy with staying where you are... Great at finding excuses not to challenge yourself... Content with the status quo... Fearful of change and frightened by the economy... or Simply not interested because you don't have time... Please respond by declining the invitation... :-) For those that have already made the determination that 2010 will be the year in which they reach their goals (whatever that may be...) Tune in!!! First off, you must already be motivated, have an entrepreneurial venture, and be open enough to take constructive criticism by the group members when you are on the "hot seat"... (read the attached Master Mind PDF for insight into the benefits of such a group and how it catapults your business...) The MasterMind group brings together successful, forward-thinking entrepreneurs with one goal...to grow each member's business to new levels. There will be periodic meetings throughout the year via webinars / conference calls. And the final meeting of the year will include an optional fun activity, trip or adventure sport based on the group's suggestions... How Your Big Breakthroughs Occur... At the meeting everyone comes ready to share and present their successful promotions, concepts and strategies so others can "copy" them for their own non-competing business. Each meeting you will have to bring some new development, breakthrough, strategy, secrets, etc that you will present to the group. Then in the true spirit of masterminding you will present your biggest obstacles, problems and opportunities to the group. Together (and I do mean all of us) will brainstorm and come up with the best ideas for you. You get advice from all the members... Fact is, we all see a whole lot that goes on that most people do not get a chance... from our unique business experiences, friends and professional training, etc...and it gets brought back to the group. Plus, you'll also get use of my personal online project management software program that only the group and my immediate team members can access! Each member will agree to a confidentially pledge not to reveal or teach the info presented in these closed door sessions. On top of the meetings throughout the year you'll also get access to my inventory of entrepreneurial training materials consisting of videos, audios, workbooks, tools, etc. that can be used to boost your entrepreneurial education as well as be applied to your own business marketing strategy... Even better - all of this isn't counting the networking and joint ventures that is created from the close relationships. Do You Qualify? There are a few other important considerations you must agree to:
And finally the fee... ESSENTIALLY FREE! I want all of us to reach and exceed our individual goals for 2010 and beyond, so I do not want price to be a factor! The only fee charged to members will be $57 per month to cover access, maintenance, and upkeep to the www.visacre.com project management website, admin costs for GoTo Webinars - and conference dial in lines, and recordings (for individual and confidential personal use of members only). Besides, based on experience and professional knowledge, if something is FREE, the recipient rarely sees the value and does not have enough skin in the game to fully commit or apply themselves since there is nothing to lose but their time (which unbeknown to them is their most valuable asset)... The nominal fee will at least keep you seeking to extract value from the group and commit to contributing at meetings... It's truly is a drop in the bucket for the right person who can take one or two good ideas from the group and make an exponential return on investment.
Warning: Only A Maximum of 18 Individuals Can Be Members
Maximum group size will be 18 but it may not even be that big depending on the response of invitees... Bottom line - The smaller the group, the better, since members need to not only have time to share their business goals, etc..., but members must also be able to fully understand the business of other members in order to get full benefit of applying lessons learned to their own business... In short, I'm looking for a handful of dedicated, committed, and very motivated individuals who are ready to take their business to the next level. People who are not content with where they are now and know with a little help they can make a quantum leap! If you think you're a fit, please respond to me directly to reserve your spot right away. I expect the slots to be filled immediately!
After You Reserve Your Spot, Follow the Instructions Below To Get Things Going...
ViSaCre.com (Vision Actions Results) MasterMind Material 1. Take Your Personal Character Assessment & print a Hard Copy for future use... Click Here To Take Your Personality Assessment 2. Listen to the appropriate profiles below as indicated from the results from your Personality Assessment Above
3. Complete Daily 80/20 Income Acceleration Spreadsheet
4. Read the Master Mind PDF Click Here To Read the Master Mind PDF
5. Log On To www.visacre.com (log on will be created after an affirmative response for commitment to the group). This is our web based project management system. Set Goals, Milestones, Tasks, etc. Put your Vision "on-paper" in the system, create action items as tasks, tickets, and set due dates, delegate and assign such tasks. Track your results and course for attaining your goals... a. Your log on is "firstname@companyname b. Password is your "firstname".
To Your Success,
Rich Johnson, Esq.
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Forty years ago one of the most influential leaders passed away. He gave his life for his dream. He had a vision for our nation's people to live and lead as one. Today his vision is fulfilled. Barak Obama represents hope, faith, inspiration and the continuance of the struggle that was started by his predecessors. Martin Luther King had a dream that he himself may not have seen to fruition in his life time, however, that same dream has been fulfilled and materialized in President Barak Obama. America is now the nation where dreams can come true. The phrase has always been used, however, now its meaning is real. We can now look at our children and have confidence in saying "keep hold of your dream, you can be anything you want in life regardless of your past, your history and the challenges you may face." We can now have hope in truely inspiring them to reach the heights of their potential and know that it is possible to overcome the adversity this nation has had with race, class, prejudice, and the presumptive categorization of its citizens. The dreams and visions we have for our children has expanded from the realm of possibility into the realm of expectation. The bar has been set much higher since we have a living example of leadership in our generation that represents what happens when our focus in life is on something greater than ourself. America has spoken loudly for change. The sheer number of first time voters, the number of voters that crossed all categories of race, class and religion in support of a President that represented inclusion instead of division indicates that our nation is ready to walk the walk of diversity. President Obama gained this nation's confidence and support because he was the best qualified to lead us into a new era where the world is politically, economically, and socially connected. We've embarked upon a new era lead by a new type of leader. A leader that more closely represents the ideals and philosophies of its citizens. A new leader that with our support has successfully erased some of the barriers that has plagued this old nation. May President Obama lead with the same level of support that put him in office. May he remain the level headed, forward thinking, strong yet humble leader that puts the people first. May he be tempered with the patience and insight necessary to navigate the turbulant times our nation currently faces. May he continue to expand the horizon of dreams for each generation as those have done for him.
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In today's litigious society, for example, many people worry that they could one day find themselves defendants in a lawsuit. In order to protect themselves from legal issues, real estate investors often choose to hold their real estate in LLCs. In today's legal environment, people are scared and they want to…protect their investments. Ownership interest in the LLC has better legal protections from any other legal problems a person may have than…ownership in their own name or ownership in a corporation. Many commercial lenders favor LLCs, and either prefer to or will only lend to those who set up LLCs to hold title to properties. They don't want to increase the risk that their borrower can be sued. Creditors can only get a charging lien against an LLC, not the property itself. Additionally, real estate investors should have each high-risk property they own—such as an apartment building or a project that involves a significant amount of construction—in its own LLC. This ensures that one property's liability will not affect another and can also allow for more accurate insurance coverage. But LLCs can do more for investors than just serve as shields from potential lawsuits. Owning real estate through an LLC can offer real estate investors far better asset protection than they would have if they owned real estate in their own name. "If you own it in your own name, as a sole proprietor, then [creditors can] just grab the property. [Through] the Uniform LLC Act, which is adopted state by state…the creditor is limited to getting what's called a charging lien against your LLC interest. A charging lien is essentially a lien on any distributions of cash made by the LLC to the membership owners. If the LLC distributes nothing…these collection statutes don't provide any other remedy for the creditor. Absent distributions, a creditor gets zero. Other entities, such as corporations, offer asset protection that is inferior to that offered by LLCs. The LLC offers better protection than do corporations. If you own real estate inside a corporation, you get corporate stock, and the creditor can just grab the stock and thereby immediately take all your interest in the corporation and all your interest in the property. The cons are that it's more complex than owning property in your own name, because you have another entity. You have a filing fee, you have a legal fee…to create the entity. I don't think there are too many cons other than the…fees. There are recurring fees on top of the initial fees required to form an LLC, however. The fees themselves vary by state. You don't need officers…and you don't need corporate formalities, for LLCs in most states. While corporations are required to have officers, annual meetings and minutes, among other things, LLCs in many states are not required to have them. Some paperwork will be necessary, however, as investors must be able to prove to banks and other lenders that they have the right to purchase property on behalf of the LLC. LLCs are fairly flexible in other ways as well. Even people who are buying stocks and bonds can set up LLCs to own their financial investments. LLCs are not limited to real property, and can be used to buy any investment. LLCs also offer tax flexibility, as they are pass-through entities. The IRS does not consider an LLC itself to be a taxable entity. Instead, the company's earnings 'pass through' to the owners, who report their share of profits or losses on their individual tax returns. For single member LLCs, the IRS disregards the LLC as a taxable entity, so you don't even need a tax return [for the LLC]. If you have two or more members in your LLC…then you have to file a partnership tax return. You have to pay your CPA to file a tax return, and I guess that's a con. Further, Two married [people] cannot form a single member LLC, even though they file a joint [tax] return. This can vary by state, though, so investors should be sure to research the laws that pertain to their area. LLCs can be taxed the same way as other entities; this requires a tax return even if there is no tax to be paid. But some investors could benefit from choosing to have their LLC taxed as another type of entity. People don't realize that an LLC could be taxed…as some other type of entity. In other words, they don't understand that the LLC for legal purposes can be different than the LLC for tax purposes. An LLC can file and choose to be taxed as either a partnership or corporation. There are some benefits for small business owners, for example, in being taxed as a corporation—specifically, an S corporation—rather than as an LLC. You can, in many cases, reduce employment tax liability. One major hurdle for owning property in an LLC faces those who purchased a property in their own name and would like to transfer it to an LLC. One of the potential problems for owning real estate through an LLC…is that, if the property is acquired by borrowing money from a lender, almost all loan documents…contain a clause known as a 'due on sale clause that says that if the title of the property transfers to a new owner, then the lender has the option to call that loan. Thus, if an investor purchased real estate in his or her own name, but later wished to hold it in an LLC, the lender would be able to call the loan because of the due on sale clause. Another risk of transferring title from an individual's name to an LLC is that, if the buyer later transfers title to an LLC created by the buyer, the LLC is not going to be covered by the same title insurance. Thus, it was important for investors to contact their title insurance agency before transferring a property into an LLC. For a nominal fee, a title company can transfer a policy to an LLC; the fee will often be heavily discounted because the title company will not have to perform all new due diligence; they will just have to do research on the time after the policy was first issued, since they will have researched the property when it was initially insured. LLCs are relatively easy and cheap to form, and certainly someone should use an LLC before owning real estate in their own name. There's no reason to own property in your own individual name when you can own it through an entity and control the entity. The key is that there is no reason for investors to own property in their name, rather than an LLC, when they can afford to do so. Holding property in an LLC limits the leverage investors are able to use. Typically, lenders will not lend more than about 70 percent of the price of the property to an LLC. Someone borrowing money to buy a property in their own name, however, could likely get a loan for 90 to 95 percent of the cost of the property, even in today's market. For commercial loans, however, lenders focus more on the property itself, and are less concerned about whether the property is being purchased in an individual’s name or through an LLC. Some commercial lenders, in fact, prefer to lend to LLCs rather than individuals. Thus, there are many circumstances in which it makes sense to use LLCs to hold property. Real estate investors should evaluate their own situations and goals and talk to someone experienced with entities if they are interested in forming LLCs.
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The amount excluded reduces the taxpayer’s cost basis in the home. More information on claiming this exclusion will be available soon. The questions and answers, below, are based on the law prior to the passage of the Mortgage Forgiveness Debt Relief Act of 2007. 1. What is Cancellation of Debt? If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt. Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you. 2. Is Cancellation of Debt income always taxable? Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve:
3. I lost my home through foreclosure. Are there tax consequences? There are two possible consequences you must consider:
Use the following steps to compute the income to be reported from a foreclosure: Step 1 - Figuring Cancellation of Debt Income (Note: For non-recourse loans, skip this section. You have no income from cancellation of debt.) 1. Enter the total amount of the debt immediately prior to the foreclosure.___________ 2. Enter the fair market value of the property from Form 1099-C, box 7. ___________ 3. Subtract line 2 from line 1.If less than zero, enter zero.___________ The amount on line 3 will generally equal the amount shown in box 2 of Form 1099-C. This amount is taxable unless you meet one of the exceptions in question 2. Enter it on line 21, Other Income, of your Form 1040. Step 2 – Figuring Gain from Foreclosure
4. Enter the fair market value of the property foreclosed.For non-recourse loans, enter the amount of the debt immediately prior to the foreclosure ________ 5. Enter your adjusted basis in the property.(Usually your purchase price plus the cost of any major improvements.) ____________ 6. Subtract line 5 from line 4. If less than zero, enter zero. The amount on line 6 is your gain from the foreclosure of your home. If you have owned and used the home as your principal residence for periods totaling at least two years during the five year period ending on the date of the foreclosure, you may exclude up to $250,000 (up to $500,000 for married couples filing a joint return) from income. If you do not qualify for this exclusion, or your gain exceeds $250,000 ($500,000 for married couples filing a joint return), report the taxable amount on Schedule D, Capital Gains and Losses.
4. I lost money on the foreclosure of my home. Can I claim a loss on my tax return? No. Losses from the sale or foreclosure of personal property are not deductible.
5. Can you provide examples? A borrower bought a home in August 2005 and lived in it until it was taken through foreclosure in September 2007. The original purchase price was $170,000, the home is worth $200,000 at foreclosure, and the mortgage debt canceled at foreclosure is $220,000. At the time of the foreclosure, the borrower is insolvent, with liabilities (mortgage, credit cards, car loans and other debts) totaling $250,000 and assets totaling $230,000. The borrower figures income from the foreclosure as follows: Use the following steps to compute the income to be reported from a foreclosure: Step 1 - Figuring Cancellation of Debt Income (Note: For non-recourse loans, skip this section. You have no income from cancellation of debt.) 1. Enter the total amount of the debt immediately prior to the foreclosure.___$220,000__ 2. Enter the fair market value of the property from Form 1099-C, box 7. ___$200,000__ 3. Subtract line 2 from line 1.If less than zero, enter zero.___$20,000__ The amount on line 3 will generally equal the amount shown in box 2 of Form 1099-C. This amount is taxable unless you meet one of the exceptions in question 2. Enter it on line 21, Other Income, of your Form 1040. Step 2 – Figuring Gain from Foreclosure 4. Enter the fair market value of the property foreclosed.For non-recourse loans, enter the amount of the debt immediately prior to the foreclosure. __$200,000__ 5. Enter your adjusted basis in the property.(Usually your purchase price plus the cost of any major improvements.) ___$170,000__ 6. Subtract line 5 from line 4.If less than zero, enter zero.___$30,000__ The amount on line 6 is your gain from the foreclosure of your home. If you have owned and used the home as your principal residence for periods totaling at least two years during the five year period ending on the date of the foreclosure, you may exclude up to $250,000 (up to $500,000 for married couples filing a joint return) from income. If you do not qualify for this exclusion, or your gain exceeds $250,000 ($500,000 for married couples filing a joint return), report the taxable amount on Schedule D, Capital Gains and Losses. In this situation, the borrower has a tax-free home-sale gain of $30,000 ($200,000 minus $170,000), because they owned and lived in their home as a principal residence for at least two years. Ordinarily, the borrower would also have taxable debt-forgiveness income of $20,000 ($220,000 minus $200,000). But since the borrower’s liabilities exceed assets by $20,000 ($250,000 minus $230,000) there is no tax on the canceled debt. Other examples can be found in IRS Publication 544, Sales and Other Dispositions of Assets, under the section “Foreclosures and Repossessions”.
6. I don’t agree with the information on the Form 1099-C. What should I do? Contact the lender. The lender should issue a corrected form if the information is determined to be incorrect. Retain all records related to the purchase of your home and all related debt.
7. I received a notice from the IRS on this. What should I do? The IRS urges borrowers with questions to call the phone number shown on the notice. The IRS also urges borrowers who wind up owing additional tax and are unable to pay it in full to use the installment agreement form, normally included with the notice, to request a payment agreement with the agency.
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Quote of the Day "Living well and beautifully and justly are all one thing." – Socrates
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Blogging is a great way to share personal and professional insights with potential clients and business associates. With a blog, you can establish your expertise in a niche by simply writing articles about your chosen field.
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I can't get enough of blogging.
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Blogging is great, isn't it?
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While "art" has its place in the world of investing, "analysis" takes precedent in today's investment strategy. The "short-sale" was an unknown phenomena two years ago. Only practiced and implemented by investors who were savvy enough to negotiate with lenders on behalf of their sellers who were upside down or short on equity to make the deal worth their while. Conducting a "short-sale" was the exception instead of the norm it has become in today's short sale listing frenzy. The need for critical analysis is evident as each dollar invested becomes more valuable and scarce in the world of ever shrinking sources for conventional investor financing. Today's investor needs to balance "art" and "analysis", be conservative in their estimates for acquisition, carrying, and disposition costs. The art of marketing to acquire good leads on high equity deals is where creativity can have space to experiment with new and innovative ways of attracting new business. However, when it comes to "scoping" the deal, investors must be more "analysis" than "feel". In today's market investors must have a predetermined investment criteria that easily screens each deal, separates the "wholesale" properties from the "keepers". Smart investors are increasing their level of critical investment education by attending courses that "crunch the numbers". Courses offered through higher education institutions that have traditionally lead to Masters Degrees in Commercial Development or Real Estate Investment are good places to become familiar with institutional level investment analysis and strategies. Certification through reputable designation courses such as the Certified Commercial Investment Manager (CCIM) have attracted mid-level investors seeking to bring their investment game to the next level. Obviously, the days of the 60 day-buy-rehab-sell model of investing is on hold (for the most part unless the property is simply in a very unique market). Today's investor is diversified by buying with little or no initial cash outlays for acquisition and improvement, placing high quality tenants in their properties, collecting cash flows over a 3 to 5 year holding period before they 1031 to another property or cash out some equity for another deal. This market is essentially an investors dream. Those who accumulated high returns during the peak of the market's bubble should be well positioned to accumulate extensive portfolios at deeply cut prices that will grow as the market naturally corrects itself over the long term. Be creative, use your "feel" and be artful in your approaches to acquiring new opportunities and disposing of those properties that are not "keepers". However, be "analytical" and conservative when it comes to "whooping out your cash" to acquire those "keepers". Find and develop your own balance between the "art" and "analysis" of your real estate investment practice.
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Even with close margins, investors who bought properties at 70% loan-to-value or higher still made profits after costs for financing, improvements, and disposition. Gone are the days when the investor bought properties that "feel" like good deals. Today's market has left the novice investor that was analyzing deals based on "feel" with over-leveraged properties that have drained cash flow, receive rents that are short of covering their mortgage and carrying costs, or worst yet, sit empty while listed for sale waiting for a buyer that will pay top dollar before the foreclosure auction date. | Comments | 0 | Hits: 830 |
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